The handy heavy machinery insurance tip most tradies don’t know

If you own or operate heavy machinery to perform your job, you will likely be aware of the basics for heavy machinery insurance. The main types of insurance obtained include Public & Products Liability and Workers Compensation, however many forget about Business Interruption Insurance and obtaining the right type of Mobile Plant & Machinery Insurance.

Although you may be the most careful worker or machinery operator, accidents can and do happen at any time. This is not limited to just work sites, the machinery might be in transit or stored when something occurs that damages it. It is always important to be aware of the hazards on your work site and off-site for your particular type of equipment.

Different types of equipment that can be insured include but are not limited to:

• Trucks and trailers including tippers, dump trucks, concrete mixers, prime movers
• Lifting equipment including scissor lifts, forklifts, tower or mobile cranes
• Heavy mobile machinery such as excavators and earth movers
• Light mobile machinery such as bobcats, diggers, backhoes, and compactors
• Equipment and accessories such as pumps, slashers, rippers, farming equipment, pumps, and irrigation equipment
• Specialised farming, mining, or construction equipment

Business Interruption Insurance for heavy machinery

If something were to happen to your equipment or machinery which made it unworkable what would you do and how would you operate? Business Interruption Insurance will cover you in the case that you cannot perform your job due to unforseen events, accidents, or disasters. You never know when these circumstances can arise and they can be a major setback and stop you from earning an income.

There are numerous accidents or events that can occur that can wipe out your machinery. These can include:

• Fire or explosions
• Floods
• Hail and storms
• Earthquakes

Business Interruption Insurance can cover you for the estimated profit you would have earned, for operating expenses you still have to pay, or for any temporary location you need to move to. It is vital to have financial protection for interruption of your business proceedings.

Most tradesmen that involve heavy machinery will rely heavily on a few key pieces of equipment or machinery to perform the work. Any prolonged downtime can truly cripple the business.

Insurance bonus tips for heavy machinery operators

You can take out optional extras within your heavy machinery insurance policy to take care of consequential losses, accidental overloads, underground loss of equipment, damage cover, or substitute costs as a few options.

The cheapest deal is not necessarily the best deal and it can leave you severely uninsured, such as in the case of putting your machinery on a motor vehicle insurance policy. Motor vehicle policies are not designed to cover the same risks as heavy machinery insurance. Your standard motor vehicle will not cover off-road usage or mechanical or electrical break downs. And will also not cover the consequential losses occurring from that break down such as if your refrigeration truck breaks down and there is a loss of stock.

If you call around to insurance companies yourself you may run the risk of obtaining the wrong cover. By using a broker it means that they can assess your machinery, what it is used for, the associated risks that come with it, and pair this information with a suitable policy. Meaning that in the event of a claim, your equipment won’t be left sitting idly or damaged with you unable to work.

Of course each heavy machinery policy will be different and depend on the nature of the work being undertaken. A broker will be able to determine the best deal with the most extensive cover for your type of machinery. If you would like more information regarding heavy machinery liability insurance, contact All Trades Cover today.

Source: Click Here

Julia Robret has broad and deep experience in insurance field. She also writes articles in her spare time. Presently, she is writing contents on Plumbers Liability Insurance